Information on the deadline for the submission of the joint draft regulatory technical standards (RTS) on risk mitigation techniques for OTC derivatives contracts not cleared by a CCP
On 7 June 2012, the Joint Committee of the European Supervisory Authorities (ESAs) addressed a request to the European Commission for a postponement of the deadline for the submission of the joint draft regulatory technical standards (RTS) on risk mitigation techniques for OTC derivatives contracts not cleared by a CCP (mainly related to margins for bilateral transactions).
The rationale behind the request is to enable consistency of the European rules with the on-going global development of international standards by the Working Group on Margining Requirements of the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO), which are expected to be delivered by end 2012.
The current deadline to deliver the joint draft RTS is 30 September 2012. The Commission shares the views of the ESAs that the present deadline is inconsistent with the achievement of a global approach. A new deadline should be set by the European Commission once the present deadline has expired.
Notes
1. The EBA, ESMA and EIOPA published on 6 March 2012 a Joint Discussion Paper on Draft Regulatory Technical Standards on risk mitigation techniques for OTC derivatives not cleared by a CCP. See the discussion paper
2. The Working Group on Margining Requirements of the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) published a Consultative Document on margin requirements for non-centrally-cleared derivatives. The consultation is open until 28 September 2012.
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